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USD/CHF downside capped by 55- 4H EMA, good to buy on dips : FxWirePro | November 7, 2017
USD/CHF 0.38% is consolidating in narrow range between 0.99477 and 1.00378 for the past ten trading session. The pair jumped after slightly better than expected US jobs data. But it should break above 1.0040 for further bullishness. It is currently trading around 1.00170.
Technically, near term support stands at 0.9960 (55- 4H EMA ) and any break below will drag the pair to next level till 0.9897 (100- 4H MA)/0.9860. Short term trend is still bullish as long as support 0.9950 holds.
The major resistance is around 1.0040 and any break above will take the pair to next level till 1.0100/1.0174. Short term trend reversal can be seen below 0.9705. Overall weakness only below 0.9420.
It is good to buy on dips around 0.9990 with SL around 0.9948 for the TP of 1.0100/1.0170.
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